{"id":5527,"date":"2020-11-22T09:00:25","date_gmt":"2020-11-22T14:00:25","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5527"},"modified":"2020-11-11T07:13:16","modified_gmt":"2020-11-11T12:13:16","slug":"a-peek-into-the-history-of-the-tennessee-housing-development-agency","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2020\/11\/22\/a-peek-into-the-history-of-the-tennessee-housing-development-agency\/","title":{"rendered":"A Peek into the History of the Tennessee Housing Development Agency"},"content":{"rendered":"<p>If you&#8217;re thinking about buying a house in Tennessee, you probably know that the\u00a0types of mortgage loans vary widely. This is good news because if potential buyers don\u2019t qualify for one type, hopefully they can get approved for another. If you&#8217;re purchasing a home in Tennessee, your mortgage loan may end up being owned by\u00a0the Tennessee Housing Development Agency (THDA).<\/p>\n<p><strong>How Did THDA Come to Be?<\/strong><\/p>\n<p>The THDA was created in 1973 in the pursuit of some lofty goals. Its primary purposes are to promote long-term homeownership, promote the manufacturing of affordable housing for low-to-moderate income families, and to bring stability to Tennessee&#8217;s residential construction industry. It also strives to provide socio-economic growth for businesses and social programs related to the residential construction industry, to preserve and revive existing housing units for low-to-moderate income individuals, and to help qualify people with rental assistance.<\/p>\n<p><strong>What Does THDA Do?<\/strong><\/p>\n<p>THDA is the primary financing agency for the state of Tennessee and is responsible for the administration of several federal and state housing programs.\u00a0THDA is also authorized to issue tax-exempt Mortgage Revenue Bonds to support financing opportunities for first-time homebuyers and veterans.<\/p>\n<p>THDA is not a direct lender. It\u00a0purchases\u00a0qualified home loans originated through lenders.<\/p>\n<p><strong>What Does A THDA Loan Provide?<\/strong><\/p>\n<p>All <a href=\"https:\/\/migonline.com\/thda-loans\">THDA loans<\/a> have 30-year, fixed-rate terms and offer down-payment assistance. Origination and discount points are limited. All homebuyers who receive\u00a0down-payment assistance must complete a homebuyer education course (which is recommended for everyone).<\/p>\n<p><strong>What Does the THDA Require?<\/strong><\/p>\n<p>There are certain thresholds\u00a0for THDA loans. Two\u00a0of them deal\u00a0directly with the buyer, and one relates to the home itself.<\/p>\n<ul>\n<li><em><strong>Borrower&#8217;s Credit Score<\/strong><\/em><br \/>\nThe borrower must have a minimum credit score of 620, which is what FHA also requires at this time.<\/li>\n<li><em><strong>Borrower&#8217;s Income<\/strong><\/em><br \/>\nThere&#8217;s a household income limit, based upon the Tennessee county in which the borrower lives.<\/li>\n<li><em><strong>The House Price<\/strong><\/em><br \/>\nTHDA also requires the\u00a0home price to be under a certain amount,\u00a0which also varies by county. Remember, its goal is to fund\u00a0only modest, affordable homes.<\/li>\n<\/ul>\n<p><strong>Are There Different THDA Loans?<\/strong><\/p>\n<p>Yes, there are three types of THDA loans. The first one is Great Choice, which is available to first-time homebuyers in Tennessee. The second is Repeat Homebuyers, covering buyers who are not first-time homebuyers if they are purchasing in one of the Tennessee counties targeted by the THDA. The final one is Military Homebuyers. Military veterans who meet the THDA requirements can qualify for this loan.<\/p>\n<p>A THDA loan offers a certain segment of homebuyer several distinct advantages. Depending on your income, the county you live in, and the type of home you&#8217;re looking for,\u00a0THDA could be the resource that gets you into it. If you&#8217;re a potential Tennessee homebuyer, it would pay to see if you are eligible.<\/p>\n<p>MIG is a lender that proudly offers THDA loans. <a href=\"https:\/\/migonline.com\/get-started\">Contact us today<\/a> to find out if you qualify, and let us answer all your questions about mortgage loans.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re thinking about buying a house in Tennessee, you probably know that the\u00a0types of mortgage loans vary widely. This is good news because if potential buyers don\u2019t qualify for one type, hopefully they can get approved for another. If you&#8217;re purchasing a home in Tennessee, your mortgage loan may end up being owned by\u00a0the &hellip; <a href=\"https:\/\/migonline.com\/blog\/2020\/11\/22\/a-peek-into-the-history-of-the-tennessee-housing-development-agency\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">A Peek into the History of the Tennessee Housing Development Agency<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5524,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":["post-5527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Peek into the History of the Tennessee Housing Development Agency - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2020\/11\/22\/a-peek-into-the-history-of-the-tennessee-housing-development-agency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Peek into the History of the Tennessee Housing Development Agency - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"If you&#8217;re thinking about buying a house in Tennessee, you probably know that the\u00a0types of mortgage loans vary widely. 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